At Strategy's annual conference in Las Vegas, attendees focused on the firm's variable-rate preferred share (STRC), a product that currently pays 11.5% annually. The company has raised over $1.5 billion via STRC, representing 33% of STRC's market cap. This move is seen as a significant investment in marketing, promotion, and building an ecosystem. The adoption of the product is expected to create demand for firms that analysts believe can make the crypto’s largest market buoyant or vulnerable through forced selling. Strategy has also seen its biggest Bitcoin buy so far this year, adding more than $1 billion worth in a week on the back of StRC sales. The relationship between Strategy and other Bitcoin-buying firms suggests that the company's exposure to STRC comes with strategic advantages compared to traditional U.S. Treasuries.